TX: If you’re selling tickets for an event, concert, or entertainment venue, understanding how sales tax applies is essential. In many states, including Texas, ticket sales may be subject to sales tax depending on the type of event and exemptions available. Here’s a breakdown of what you need to know. Are Ticket Sales Taxable? In…
Running a restaurant in Texas? Then you will need to know how sales tax applies to the food and services you provide. Texas has specific rules about what is taxable and what isn’t regarding restaurants, catering, and food sales. Misunderstanding these rules could lead to compliance issues or lost profits. What Food & Beverages Are…
As the digital economy continues to expand, Texas is updating its tax rules to better reflect the realities of the 21st-century marketplace. The Texas Comptroller’s office recently announced changes to how digital products, such as software, streaming services, and online content, are taxed. What’s Changing? Under the new rules, Texas will impose sales tax on…
TX: The Comptroller encourages all taxpayers to support Texas businesses while saving money on tax-free purchases of most clothing, footwear, school supplies and backpacks (sold for less than $100) during the annual Tax-Free weekend. Qualifying items can be purchased tax free from a Texas store or from an online or catalog seller doing business in Texas. In most…
Navigating taxes can be challenging, especially with varying regulations across states. In Texas, two primary taxes businesses need to be aware of are the gross receipts and sales tax. Gross Receipts Tax Texas does not impose a traditional corporate income tax. Instead, it has a franchise tax, often referred to as a “margin tax,” which…
TX: In 2024, Texas introduced significant updates to its sales tax laws. These changes aim to modernize the tax system, address the rise of e-commerce, and ensure fair taxation across the board. Here’s a quick rundown of what you need to know. Key Changes 1. Economic Nexus for Remote Sellers: New Threshold: Remote sellers must…
TX: In the ever-evolving landscape of digital consumption, streaming services have become ubiquitous, offering a vast array of entertainment options at our fingertips. However, amidst binge-watching and playlist curating, it’s easy to overlook the tax implications associated with these services, particularly in a state like Texas. As of now, Texas imposes a sales tax on…
Navigating the ins and outs of sales and use tax is crucial to business operations and consumer transactions in Texas. Texas imposes a state sale and use tax rate of 6.25 percent on a wide array of retail sales, leases, rentals of most goods, and taxable services. Local taxing jurisdictions, encompassing cities, counties, special purpose…
TEXAS:The world of electric vehicles (EVs) offers eco-friendly options and potential federal tax incentives for those who switch. However, as of September 1, 2023, Texas residents will face a new tax regarding owning an electric vehicle. A new EV law signed by Governor Greg Abbott has introduced additional costs for EV owners in the state….
TX: Texas shoppers no longer have to pay sales tax on menstrual products, making the state one of the few states in the country to have eliminated the “tampon tax.” A new law that went into effect September 1, 2023, eliminates the sales tax on feminine hygiene items, including tampons, menstrual pads, and menstrual cups….
